Electrochemical devices such as fuel cells and batteries typically involve corrosive electrochemical reactions and high electric current flow. Some of the key components of such electrochemical devices require high corrosion resistance and very low electric resistance for long product life and minimal energy loss. Bipolar plates in a polymer electrolyte membrane (PEM) fuel cell, for example, must be cost effective, electrochemically stable, electrically conductive, hydrophilic, and stampable. Sophisticated designs with flow channels on both sides of the plate can be formed by a metal stamping process. Stainless steels posses some of those desirable characteristics including low cost and stampability. The presence of the passive oxide film on the surface of stainless steel, however, creates an extensive contact resistance with the gas diffusion medium. In addition, typical stainless steels do not have the corrosion resistance required for a bipolar plate in a demanding fuel cell. Corrosion of a bipolar plate also results in metal ion contamination that adversely affects the performance of a fuel cell. A conductive coating of noble metals, such as gold, has been used to minimize the electric contact resistance of the stainless steel. Noble metal coating adds significantly to the cost of the bipolar plate. Thermal nitriding of certain types of stainless steel has also been disclosed. Relatively expensive types of stainless steel are required in order to achieve the desired corrosion resistance and low electric contact resistance. The thermal nitriding process inherently generates a non-uniform and heterogeneous surface layer. Desired consistency and reliability may be difficult to achieve in large volume production using a thermal nitriding process. There is thus a need for a low cost, highly corrosion resistant, and highly conductive material for electrochemical devices.